ISA 560 (2)

Question 1

What occurs at year end?

Answer 1

Audit procedures undertaken to identify material subsequent events (adjusting and non-adjusting)

Question 2

Year end characteristics (management events)

Answer 2

Review procedures management has established to ensure that subsequent events are identified

Question 3

Year end characteristics (board minutes)

Answer 3

Read board minutes held after date of FSs up to date of signing auditor’s report

Question 4

Year end characteristics (entity’s latest FSs)

Answer 4

Read the entity’s latest available interim FSs, budgets and cash flow forecasts

Question 5

Year end characteristics (enquiries counsel cliams)

Answer 5

Enquire, or extend previous oral or written enquiries, of the entity’s legal counsel concerning litigation and claims

Question 6

Year end characteristics (management events)

Answer 6

Enquire of management as to whether any subsequent events have occurred which might affect FSs

Question 7

Year end characteristics (written subsequent)

Answer 7

Obtain a written representation as to completeness of subsequent events identified by management